The Federal Energy Regulatory Commission (FERC) has approved the acquisition of Allete Inc., a utility provider based in Duluth, Minnesota, by the Canada Pension Plan Investment Board and Global Infrastructure Partners. (Source: T. Schneider/Shutterstock.com)
The Federal Energy Regulatory Commission (FERC) has approved the acquisition of Allete Inc., a utility provider based in Duluth, Minnesota, by the Canada Pension Plan Investment Board (CPPIB) and Global Infrastructure Partners (GIP).
Under terms of the merger agreement announced on May 6, CPPIB and GIP will pay $6.2 billion, or $67 per share, in cash for Allete. Shareholders voted to approve the sale in August. The shares were trading at $64.63 a share at 10:18 a.m. Central time on Dec. 20.
Allete said it expects to complete the transaction in mid-2025.
The electric utility is the parent company of Minnesota Power, which the company said serves about 145,000 residents, 15 municipalities and large industrial customers. Its assets also include Allete Renewable Resources, which operates wind generation facilities in North Dakota, and New Energy Equity, a leading developer of distributed solar energy projects.
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